With unemployment numbers at 9.7 percent nationally, a lot of Americans are rethinking some of their career -and college – investments. For many of us, college will be one of our biggest purchases, aside from buying a home.
A factoid from projectstudentdebt.org: In, 2008, 67% of students or 1.4 million students graduating from four-year colleges and universities had student loan debt.
I have long thought that college comes with a lot of “professional expenses,” which often include student loans, networking conferences and expensive suits. I have questioned whether the expenses I’ve had as a professional off set the extra money I’ve earned from having a degree.
Check out the widget below that I found and decide for yourself if college is really worth cash! Leave a comment with your thoughts on the matter!
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I went to a state school so I did not spend as much money on my education as some of my friends. However I do feel that the money I did spend was worth it because of the opportunities that have been available to me. I would not want to be limited in life because I didn’t have a degree. Besides I feel like it was something that I had to do for myself. My grandfather only went to the 8th grade because that was all his family could afford. I felt like I owed to myself and my legacy as an African American to get all the education that I could get. Some things can not have a monetary value placed on them.
I definitely think that college is a catch 22. When you are a high school senior and you start the application process, many advisors, friends, family members, and teachers will tell you about the “best schools” in the state and region. Once you get to college, you’ll find out how great that school is. I remember hearing wonderful things about my 40k institution and looked forward to exploring the different aspects of undergraduate life here. Well, about my third year in, I realized that I was spending way too much on way too little. The programs I finally became interested in were understaffed and those that actually taught the few classes that were offered barely showed up to class. So what am I paying all this money for? In my graduate school pursuits, I was told that your undergraduate school doesn’t matter but your graduate school does. So why wasn’t I notified of such as a high school senior? A schoolmate told me about how her sister went to a 2 year school and is already working within her field on top of getting paid. Now as a senior less than a month away from my commencement ceremony, I have yet to find a job. I know I am not the only one in this predicament, but you expect something when coming out of such a “great” school. So to wrap up my ramble, I believe college is a catch 22 because it can afford you a wealth of knowledge, but some don’t offer practical experience within your dream field and a job is not always promised.
It depends. College has become like any other investment meaning you have invest wisely. If you spent 65k at some little private school and came out with a BA in Liberal Arts or Psychology, you may discover your degree wasn’t worth the time or money.
I absolutely think that college is worth the money. However, I think that not all majors are created equally. For me, getting a fully accredited Social Work Degree (BSW, not BA or BS) was a cake walk, compared to the music program (which I washed out of).
I also do not see expensive degrees trumping raw talent. By that, I mean that all things being equal, going to Harvard and not being good at what you do does not give an advantage over someone who is talented and went to a lower end school like a state college/university.
When I had direct reports, I always encouraged them to take college classes for a degree over taking certification classes. A college degree doesn’t expire. Get that, then the certifications (if you still need them).
My two cents – your mileage may vary!
@Notsosinglemama: Good post. I get a sense your satisfaction also comes from finding a good school at the right cost. So maybe it’s not about college being “worth it” as much as attending the right college for your financial situation.
@Ashleigh: Indeed. Is it better to pick the right major or college? I majored in print journalism and I knew it wouldn’t pay a lot. I had a good time, but if I were going into college now, I would probably major in something more technical in nature so I could have more job opportunities. I have a feeling your situation will work itself out. I hope you network a lot with your classmates. I still get opportunities from friends I met while working at my college paper.
@Steve: Why are we always right in sync? I’m starting to realize everything in life should be an investment and handled as such. So much for being the free spirit!
I think a college education is necessary for many people. If the cost of tuition is a problem parents should have their children attend a 2 year college and then transfer to a university. Also, students should consider a public college and go to school in state to avoid out of state fees. In these economic times you should evaluate colleges the way you do other major purchases. Choose one that best fits your budget and you will owe the least amount in student loans. A college degree is more than academics and the experience will benefit you in many ways for a lifetime.
Colleges and universities are going to have to do a better job keeping expenses under control. How can they justify tuitions going up so much faster than inflation. If they don’t control costs and tuitions keep going up, students who don’t want to graduate with a boatload of debt will seek out the better value schools. We’re already seeing cost-conscience kids start at community colleges transfer to undergrad then graduate school and spend the “big dollars” on their final degree.
College is important — but it should also be affordable. Students can obtain a solid education at a state school without going into debt. Parents, students… and adults looking to go back to school should look into 529 plans to help pay for tuition.
“Colleges and universities are going to have to do a better job keeping expenses under control. How can they justify tuitions going up so much faster than inflation. ”
Something You have to understand here as well I worked as a student loan originator and a heck of a lot of the students dont even try to pay back their student loans. i would agree here that education is quite expensive.
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